How to Convert Saving Account to Current Account in SBI?

In this article, we will discuss how to convert saving account to current account in SBI.

There are different types of bank account that you can use for your daily banking needs. Out of all the account categories, savings account and current account are the most popular bank account categories that an individual can use.

The current account is an account that is used by the business only and a savings account is something that anyone can use. If you have a personal savings account and want to change it to a current account then it is not possible.

SBI does not allow you to convert your Savings Bank account to your current account but, you can always apply for a new current account and close your savings account. Below, we have provided you the information about the current account and how you can apply for the current account.

Eligibility of SBI Current Account

A Current Account is a business account and only businesses will be allowed to open a current account. The following are the eligible business entities of SBI Current Account-

• Resident Individual
• Hindu Undivided Family (HUF)
• Sole Proprietorship Firm
• Partnership Firm
• Private or Limited Company
• Limited Liability Partnership
• Trust/ Association/ Club/ Society

The Benefit of Current Account in SBI

There are a lot of benefits when it comes to using SBI Credit Card-

• SBI Current Account offers a premium banking experience with many features.
• It offers overdraft facilities that ensure you never run out of funds. The overdraft facility uses your credit scores to provide you with withdrawal overdraft money.
• For the first year, the ATM transactions are free, and for the next year or so, the ATM transactions are chargeable with an annual fee.
• Multi-city checkbooks are also provided with nomination facility
• The account can be transferred to other bank branches and monthly statements can be obtained

Documentation Required for SBI Current Account

The following are the document required for SBI Current Account-

Sole Proprietorship Firm

• Identity Proof (PAN Card, Aadhar Card, etc.) of the proprietor.
• Address Proof (Valid Passport, Utility bill, Property tax bill, etc.) of the proprietor.
• Registration Certificate issued by the Registrar of LLP (in the case of a registered concern).
• Certificate/license issued by the Municipal authorities under the Shop & Establishment Act.
• Sales and income tax returns in the name of the sole proprietor.
• CST/ VAT certificate
• Certificate/ registration document issued by the Sales Tax/ Service Tax/ Professional Tax authorities.

Partnership Firms

• Registration certificate
• Partnership deed
• Beneficial owners list holding more than 15% in the firm.
• Address Proof & ID Proof
• Power of Attorney (POA)

Private/Public Limited Company

• Beneficial owners list holding 25% share of capital.
• Address Proof & ID Proof
• Certificate of incorporation
• Memorandum & Articles of Association
• Power of Attorney (POA)

Trust, Society, Unincorporated Association & Club

• Certificate of registration
• Trust Deed
• Address Proof & ID Proof (trustees, executors, administrators, etc.)
• Power of Attorney (POA)
• Beneficial owners list

SBI Current Account Minimum Balance Requirements

The following are the minimum balance required to be maintained by the SBI customers-

S.No.	SBI Current Account	SBI Current Account Minimum Monthly Average Balance (MAB)	Non – Maintenance Charges
1.	Regular Current Account	Rs. 10,000 per month	Non-Rural – Rs. 5,000 Rural – Rs. 2,500
2.	Power Gain Current Account	Rs. 2,00,000/-	Rs. 500/- +GST Per Month
3.	Power Pack Current Account	Rs. 5,00,000 per month	Rs. 2500/- +GST Per Month
4.	Power PoS Current Account	Rs. 5,000 per month	Rs. 500/- +GST Per Month
5.	Surbhi Current Account	Rs. 10,000 /- per month	Rs  500/- +GST Per Month
6.	Power Jyoti Current Account	Rs. 50,000/- per month	Rs. 1000/- + GST
7.	Power Jyoti Pul Current Account	Rs. 50,000/- per month	Rs. 1000/- + GST

SBI Current Account Opening Procedure

The following are the procedure that you have to follow to apply for the SBI current Account-

• Visit the nearest SBI Bank Branch and request for account opening form
• Fill the form with correct details and attach the documents mentioned above along with the form
• While filling the form make sure you are ticking options for internet banking, debit card, mobile banking, SMS, etc to make your account more accessible and flexible to use.
• Now, submit the form along with the initial amount to start your account
• Once, the verification of your application is cleared, your current bank account will be opened with the SBI.
• The debit and/or credit card will be sent through the post along with your internet banking login details.
•  After getting the debit card and internet banking details, you have to activate them following respective procedures.

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How to Close Your Savings Bank Account?

Since it is not allowed to convert a savings bank account to a current account, you have to open a new current account and close the savings account. Closing the savings bank account is simple. You have to visit the bank branch in person and fill an account closing form and submit it. After your account closure application is processed then SBI will close your savings bank account.

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